COFI continues tumble
By SAM GARCIA
4/1/2002

The cost of funds index for 11th District savings institutions, commonly known as COFI, fell for the fourteenth month in a row. According to the Federal Home Loan Bank of San Francisco (FHLBSF), the monthly weighted average COFI was 2.744% in February, down from 2.823% the prior month.

The COFI average for a given month is announced about 30 days after the end of that month.

The FHLBSF, which is owned by member commercial banks, savings institutions, credit unions, and thrift and loan companies headquartered in Arizona, California, and Nevada, has not reported a lower COFI average.

Last week, home finance giant Freddie Mac reported that the average 1-year adjustable rate mortgage was 5.11% -- near its lowest point in decades.

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